Article 98. Shares of State-owned joint-stock companies and State participation shares in the authorized capitals of limited liability partnerships of the Law on State Property

Home / RLA / Article 98. Shares of State-owned joint-stock companies and State participation shares in the authorized capitals of limited liability partnerships of the Law on State Property

1. The sale of shares of state-owned joint-stock companies and state participation shares in the authorized capitals of limited liability companies must be carried out in compliance with the requirements established by this Law, the laws of the Republic of Kazakhstan "On Joint-Stock Companies", "On Limited and Additional Liability Partnerships", "On the Securities Market" and other laws of the Republic of Kazakhstan.

2. It is not allowed to sell shares whose issue has not been registered in accordance with the procedure established by the legislation of the Republic of Kazakhstan.

3. When selling state-owned shares, the buyer, a joint-stock company, may not purchase more than twenty-five percent of the shares of the joint-stock company if the latter owns the buyer's shares. - Excluded by the Law of the Republic of Kazakhstan dated June 24, 2025 No. 196-VIII SAM

3-1. The sale of shares of joint-stock companies owned by the state and related to organizations of the military-industrial complex is carried out while maintaining the golden share under state control.

3-2. The sale of state shares in the authorized capital of a limited liability company belonging to organizations of the military-industrial complex is carried out while maintaining the state's share in the authorized capital in the amount of more than one quarter of the total number of votes of the limited liability company.

4. The sale of shares of state-owned joint-stock companies and state participation shares in the authorized capitals of limited liability companies is carried out through auctions in the form of auctions, tenders, auctions on the stock exchange and tenders through two-stage procedures in accordance with paragraphs 4-1 and 4-2 of Article 101 and Articles 102, 103 of this Law.

5. The sale by tender of shares (stakes in the authorized capital) of joint-stock companies (limited liability partnerships) in the authorized capital of which the controlling stake (stakes in the authorized capital) belongs to the state, is subject to the conditions of maintaining the profile of the activity and at least two thirds of the full-time number of employees.

The terms of maintaining the profile of activity and the number of employees of joint-stock companies (limited liability partnerships) are determined by the seller on the basis of a decision of the commission on the privatization of state-owned facilities.

6. A potential buyer (acquirer) and an affiliated person of a potential buyer (acquirer) are not entitled to participate in the same auction, tender, or tender through two-stage procedures for the sale of shares (stakes in the authorized capital) of joint-stock companies (limited liability partnerships) in whose authorized capital a controlling stake (stakes in the authorized capital capital) belongs to the state.

7. The privatization of legal entities, the controlling stake (participation shares in the authorized capital) of which belongs to the state, included in the application list of state property, is carried out in accordance with the procedure provided for in paragraphs 1 and 2 of Chapter 10 of this Law.

The Law of the Republic of Kazakhstan dated March 1, 2011 No. 413-IV.

This Law defines the legal regime of state property, the legal basis for the management of State property, including property assigned to State-owned legal entities, and state-owned shares and stakes in the authorized capital of legal entities, the legal grounds for the acquisition and termination of rights to state property, and is aimed at ensuring the effective exercise by the State of the rights of the owner and holder of other rights. on state property.

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Republic of Kazakhstan

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